I was hoping to officially start the "weaving business" this year also since I'm getting my feet wet in the health care industry as an independent contractor. It can't be that different right? And I already bought Quickbooks and learned how to pay gross receipts tax--and just this week completed my first (hopefully successful) attempt to pay estimated taxes (I suppose we won't know for sure how well I did at this until we see how big the check I have to write at the end of the year is)... so really I should be able to run a little old weaving business and convince the IRS that it IS a business and I should be able to write off expenses (actually selling some work might help with this). I lost some of my courage on this front with the whole estimated taxes thing, but I'm sure I'll rally. Hopefully that happens before the July 15th estimated tax deadline where regression could occur again. I may need some help from Saint Maurice.
Tuesday, April 14, 2009
I'm such a freak, I really was worried I wouldn't get my quarterly estimated taxes out today and I would be left to mail them on the last possible day tomorrow. I am not good with "last possible day" scenarios. Fortunately, I very capably made it to the post office today, bought stamps, and put them in those blue boxes they have there where they assure you a postmark dated 4/14/09 will be affixed and the IRS will not hunt me down for the obscene amount of money I had to pay them (turns out being an independent contractor sucks when it comes time to pay those estimated taxes. The paycheck looks so good before you take out about 40% for the state and fed not to mention gross receipts tax. And there is something scary called a self-employment tax to the tune of 15.3%. I couldn't bear to inquire too closely about that one.) Well, the post office didn't actually assure me that the IRS wouldn't hunt me down, just that they'd do the postmark part of the bargain... and the clerk cheerfully informed me that postage is going up to 44 cents on May 11. Good to know--also good he sold me "Forever" stamps.
Posted by Rebecca Mezoff